After studying this chapter, you should be able to . . .
Describe the role of budgets in the overall management process
Discuss the importance of strategy and its role in the master budgeting process
Outline the budgeting process
Prepare a master budget and explain the interrelationships among its supporting schedules
Deal with uncertainty in the budgeting process
Identify unique characteristics of budgeting for service companies
Understand alternative approaches to budgeting (zero-base budgeting, activity-based budgeting, time-driven activity-based budgeting, and kaizen budgeting)
Discuss various behavioral considerations in budgeting
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